Before you start developing your estate plan and focus so much attention on taxes, step back. Reorient your perspective. Fundamentally, estate planning is not about death and taxes. Instead, the most important goal of estate planning should be to provide “A Legacy for the Living.”
Will you leave chaos? Or, will you leave a well-conceived plan with information to help your family in its confused times?
Your incapacity or death will radically impact your family. Yet, seventy percent of Americans do not have an estate plan. Failure to plan and a failure to provide basic information in virtually every case will create family conflict, cause the dissipation of assets you have spent a lifetime building, or result in the payment of income and estate taxes that might have been avoided easily.
- Henry Ford
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